Treasury Eases Off on Bank Rules

By

Jeffrey Sparshott

Updated Feb. 8, 2013 7:33 p.m. ET

The Treasury Department is backing away from an earlier proposal that would have imposed some of the toughest rules on banks to fight money laundering. However, the government will still force financial institutions to collect more data than they do now.

The Treasury in coming weeks is set to propose new antimoney-laundering rules, beefing up regulation in an area that recently has led to record fines for illicit money transfers.